VW Projecten: what changed
Two fiscal years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
VW Projecten
Largest movements
- Cash -€260,891
down €260,891 (-77.6%), from €336,220 to €75,329
mainly Contributions, distributions and other (-€230,000) and Stocks and contracts (-€30,899)
- Stocks and contracts +€30,899
up €30,899 (+61.0%), from €50,622 to €81,521
- Receivables within one year +€27,287
up €27,287 (+40.4%), from €67,527 to €94,814
of which Trade receivables: +€32,045
- Tangible fixed assets -€16,416
down €16,416 (-6.0%), from €273,656 to €257,240
of which Land and buildings: -€15,097
- Reserves -€175,992
down €175,992 (-40.6%), from €433,660 to €257,668
- Tax, wage and social debts -€24,609
down €24,609 (-49.1%), from €50,165 to €25,556
of which Taxes: -€28,571
- Debts after one year -€14,333
down €14,333 (-7.7%), from €186,333 to €172,000
- Trade debts +€7,394
up €7,394 (+21.3%), from €34,683 to €42,077
- Gross operating margin +€49,761
up €49,761 (+64.5%), from €77,097 to €126,859
- Staff costs +€16,521
new in 2025: €16,521
- Taxes +€10,644
up €10,644 (+116.4%), from €9,141 to €19,785
- Depreciation -€1,994
down €1,994 (-8.4%), from €23,739 to €21,745
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €729,593 | €515,322 | -€214,272 | -29.4% |
| Fixed assets | 21/28 | €273,656 | €257,240 | -€16,416 | -6.0% |
| Tangible fixed assets | 22/27 | €273,656 | €257,240 | -€16,416 | -6.0% |
| Land and buildings | 22 | €248,621 | €233,524 | -€15,097 | -6.1% |
| Plant, machinery and equipment | 23 | €2,647 | €5,366 | +€2,719 | +102.7% |
| Furniture and vehicles | 24 | €6,773 | €4,874 | -€1,899 | -28.0% |
| Other tangible fixed assets | 26 | €15,615 | €13,476 | -€2,140 | -13.7% |
| Current assets | 29/58 | €455,937 | €258,082 | -€197,855 | -43.4% |
| Stocks and contracts in progress | 3 | €50,622 | €81,521 | +€30,899 | +61.0% |
| Stocks | 30/36 | €50,622 | €81,521 | +€30,899 | +61.0% |
| Amounts receivable within one year | 40/41 | €67,527 | €94,814 | +€27,287 | +40.4% |
| Trade receivables | 40 | €39,407 | €71,452 | +€32,045 | +81.3% |
| Other amounts receivable | 41 | €28,120 | €23,362 | -€4,758 | -16.9% |
| Cash at bank and in hand | 54/58 | €336,220 | €75,329 | -€260,891 | -77.6% |
| Deferred charges and accrued income | 490/1 | €1,568 | €6,418 | +€4,850 | +309.2% |
| Total equity and liabilities | 10/49 | €729,593 | €515,322 | -€214,272 | -29.4% |
| Equity | 10/15 | €436,660 | €260,668 | -€175,992 | -40.3% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €433,660 | €257,668 | -€175,992 | -40.6% |
| Distributable reserves | 133 | €433,660 | €257,668 | -€175,992 | -40.6% |
| Amounts payable | 17/49 | €292,933 | €254,654 | -€38,279 | -13.1% |
| Amounts payable after more than one year | 17 | €186,333 | €172,000 | -€14,333 | -7.7% |
| Financial debts | 170/4 | €186,333 | €172,000 | -€14,333 | -7.7% |
| Amounts payable within one year | 42/48 | €104,016 | €82,654 | -€21,362 | -20.5% |
| Current portion of amounts payable after more than one year | 42 | €14,333 | €14,333 | = | 0.0% |
| Trade debts | 44 | €34,683 | €42,077 | +€7,394 | +21.3% |
| Suppliers | 440/4 | €34,683 | €42,077 | +€7,394 | +21.3% |
| Taxes, remuneration and social security | 45 | €50,165 | €25,556 | -€24,609 | -49.1% |
| Taxes | 450/3 | €44,554 | €15,983 | -€28,571 | -64.1% |
| Remuneration and social security | 454/9 | €5,611 | €9,573 | +€3,962 | +70.6% |
| Other amounts payable | 47/48 | €4,834 | €688 | -€4,147 | -85.8% |
| Accrued charges and deferred income | 492/3 | €2,584 | - | -€2,584 | |
| Non-recurring operating income | 76A | - | €1,110 | +€1,110 | |
| Remuneration, social security and pensions | 62 | - | €16,521 | +€16,521 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,739 | €21,745 | -€1,994 | -8.4% |
| Other operating charges | 640/8 | €3,893 | €3,281 | -€612 | -15.7% |
| Non-recurring operating charges | 66A | - | €645 | +€645 | |
| Gross operating margin | 9900 | €77,097 | €126,859 | +€49,761 | +64.5% |
| Operating profit (loss) | 9901 | €49,465 | €84,667 | +€35,202 | +71.2% |
| Financial income | 75/76B | €351 | €49 | -€301 | -85.9% |
| Recurring financial income | 75 | €351 | €49 | -€301 | -85.9% |
| Financial charges | 65/66B | €10,109 | €10,924 | +€815 | +8.1% |
| Recurring financial charges | 65 | €10,109 | €10,924 | +€815 | +8.1% |
| Profit (loss) for the period before taxes | 9903 | €39,707 | €73,792 | +€34,086 | +85.8% |
| Income taxes | 67/77 | €9,141 | €19,785 | +€10,644 | +116.4% |
| Profit (loss) for the period | 9904 | €30,566 | €54,008 | +€23,442 | +76.7% |
| Profit (loss) for the period to be appropriated | 9905 | €30,566 | €54,008 | +€23,442 | +76.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.